An asset class groups similar assets together that share the same characteristics. This could be IT materials, furniture and vehicles. For each asset class, you can define the appropriate general ledger accounts on which the acquisition value needs to be posted, the accumulated depreciation and the depreciation expense account. You can also set the method and rate of depreciation. When you create a new assets and select the asset class the configuration for this assets is automatically picked up from the asset class. This saves you valuable time when registering assets.

To create a new asset class go to Assets → Assets classes in the main menu. On the top right of the page click the button “Add asset class”. Fill in all the details and click the “Add” button. Your asset class is now ready for use.